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Dangers   of   the    Proposed  National 
Paper -Money  Trust 

By 
Anson  PhelDS   Sto?mes 


■^;i: 


«. 


THE  LIBRARY 

OF 

THE  UNIVERSITY 

OF  CALIFORNIA 

LOS  ANGELES 


^mt 


y4 

DANGERS  OF  THE  PROPOSED 

NATIONAL 

PAPER-MONEY  TRUST 


COIN    AND   COIN    CERTIFICATES   THE   ONLY 
SAFE,  HONEST,  SELF-REGULATING 
CONSTITUTIONAL,  AND  PER- 
MANENT CURRENCY 


ANSON  PHELPS  STOKES 

AUTHOR  OF  "JOINT-METALLISM" 


Hbe  ftnicfierbocfier  press,  t^ew  ^ot\i 


PROPOSED    CURRENCY   PLANK. 

We  denounce  paper  money  issued  for 
the  benefit  of  banks,  bondholders,  and 
speculators. 

We  believe  in  hard  money — gold  and 
silver  freely  coined  at  a  ratio  regulated 
by  Congress, — the  only  legal  tender  con- 
templated by  the  Constitution. 

We  demand  that  the  greenbacks,  Treas- 
ury notes,  and  bank  notes  shall  be  re- 
placed by  coin  and  coin  certificates  of 
deposit,  and  that  in  this  country  nothing 
shall  be  money  that  does  not  honestly 
represent  labor. 


HO. 


DANGERS    OF    THE    PROPOSED 

NATIONAL  PAPER-MONEY 

TRUST. 

COIN     AND     COIN    CERTIFICATES     THE     ONLY 
SAFE,     HONEST,    SELF-REGULATING,    CON- 
STITUTIONAL,   AND    PERMANENT 
CURRENCY. 

It  is  pleasant  to  be  able  to  agree  with 
one's  friends  and  neig-hbors  on  matters  of 
public  interest,  if  a  man  can  do  so  without 
doing-  violence  to  his  convictions.  There 
appears,  however,  to  be  growing  up  in  this 
country  a  disposition  to  claim,  practically, 
that  even  on  such  a  Constitutional,  histori- 
cal, and  scientific  question  as  that  of  the 
currency,  a  man  has  no  right  to  differ 
from  the  views  generally  held  in  his  neigh- 
borhood, or  to  express  opinions  not  ap- 
proved by  the  Boss  of  his  party.  Efforts 
are  made  to  declare,  practically,  that  no 
one  shall  have  equal  opportunity  in  busi- 


399738 


2  Dangers  of  the  Proposed 

ness  or  in  the  pursuit  of  happiness,  unless 
he  has  the  mark  or  the  number  or  the 
name  of  the  Boss  on  his  forehead  or  in  his 
hand. 

There  are  many  in  this  country  who,  in 
their  hearts,  revolt  against  this  condition 
of  things,  which  they  feel  does  not  promote 
honest  political  effort.  They  like  temper- 
ate, fair,  and  free  discussion.  Honesty 
requires  that  when  a  political  party  in  con- 
vention formulates  and  proclaims  a  plat- 
form, those  who  are  elected  to  office  on 
distinct  pledges  in  that  platform  shall 
maintain  the  principles  thus  declared  until 
the  next  convention  of  the  party. 

The  pledge  of  the  last  Republican  Con- 
vention to  promote  international  bimetal- 
lism is  the  most  distinct  and  unqualified  in 
its  platform. 

"  International  agreement  with  the  lead- 
ing commercial  nations  of  the  world, 
which  we  pledge  ourselves  to  promote." 

This  pledge  brought  to  the  Republican 
Party  votes  necessary  for  the  election  of 
Mr.  McKinley. 

The  honorable  Senator  and  head  Boss 


National  Paper- Money  Trust.  3 

of  the  Republican  Party,  havino-  reformed 
the  Custom  House  in  New  Orleans  and 
the  legislatorial  system  of  electing  National 
Senators  from  Ohio,  is  now  taking  the 
lead  in  trying  so  to  reform  the  currency  as 
to  make  bimetallism  forever  impossible. 

The  Boss  and  the  Republican  Adminis- 
tration are  engaged  in  promoting  schemes 
to  establish  permanently  gold  monomet- 
allism for  the  permanent  advantage  of 
National  banks  and  other  corporations, 
capitalists,  and  speculators  afifiliated  with 
the  party,  and  so  to  arrange  matters  that 
when  the  Democrats  come  again  jnto 
power  they  may  find  their  hands  tied,  so 
that  if  the  President  be  a  Democrat  not 
susceptible  to  monetary  influences,  he  may 
be  bound  by  law  to  conform  to  the  views 
of  the  present  Administration. 

The  plans  proposed  have  the  simple 
object  above  stated.  Their  complicated 
forms  remind  us  unpleasantly  of  the  De- 
monetization Act  of  1873,  which  was  osten- 
sibly an  Act  of  seventy-one  sections  to 
regulate  details  "  relative  to  the  mint,  assay 
offices,  and  coinage,  etc." 


4  Daiigcrs  of  the  Pi^oposed 

These  elaborate  schemes  show  how 
badly  frightened  the  gold-party  bosses 
and  bankers  are  by  recent  elections  and 
other  evidences  of  popular  awakening. 
They  are  now  willing  to  sanction  what 
they  pleasantly  call  general  asset  paper 
money,  if  this  will  help  to  get  a  law 
passed  to  bind  the  country  to  pay  bonds 
and  greenbacks  in  gold.  They  would  not 
consider  it  polite  to  talk  of  wild-cat  money. 

Congress  expressly  declared  in  1878 
that  the  bonds  were  payable,  at  the  option 
of  the  Government,  in  silver  dollars  con- 
taining 41 2-|- grains  each  of  standard  silver, 
and  Congress  elected  to  accept  a  lower 
price  for  bonds  rather  than  give  up  this 
option  to  pay  in  silver.  The  Eveni7ig Post 
of  August  7,  1896,  frankly  stated  as  fol- 
lows : 

"  Yes,  the  syndicate  of  February,  1895, 
offered  to  lend  $65,000,000  at  3-|  per 
cent,  interest,  if  it  were  payable  in  coin,  or 
at  3  per  cent,  if  payable  in  gold.  The 
difference  to  the  Government  durino-  the 
time  the  bonds  had  to  run  was  over  $16,- 
000,000." 


National  Paper -Money  Trust.  5 

In  1890,  the  Treasury  notes  were  ex- 
pressly made  payable  in  gold  or  silver, 
at  the  discretion  of  the  Secretary  of  the 
Treasury. 

Where  is  there  any  legal  authority  for  the 
claim  that  the  greenbacks  must  be  paid  off 
in  gold  ?  The  word  parity  has  been  used  as 
if  it  gave  some  sanction  to  this  claim.  Parity 
means  equality.  If  you  want  to  maintain 
the  parity  between  two  things  or  between 
two  men  you  must  treat  both  alike.  You 
cannot  maintain  the  parity  between  gold 
and  silver  by  opening  the  mints  to  one  and 
closing  them  to  the  other,  nor  by  using 
one  as  standard  money  of  account  and 
in  reserves,  and  refusing  to  so  use  the 
other. 

To  every  business  man  who  will  consider 
the  matter,  it  must  be  plain  that  National 
banks  with  $25,000  capital  cannot  be  made 
to  pay  on  any  safe  system  of  banking. 
The  interest  on  $2  5,000  at  4  percent,  would 
be  $1,000,  a  sum  which  would  not  go  far 
toward  paying  rent,  salaries,  and  other 
necessary  expenses. 

Every  workingman   who  will  consider, 


6  Dangers  of  the  Proposed 

ought  to  be  able  to  see  that  the  only  safety 
for  labor  lies  in  hard  money  ;  that  he  is 
sure  to  be  dependent  upon  capital  so  long 
as  he  permits  bankers  to  furnish  the  cur- 
rency of  the  country  ;  but  that  when  money 
cannot  be  increased  except  by  digging 
precious  metals  out  of  the  earth,  milling, 
refining,  transporting  them,  and  having  the 
Government  coin  them,  then  the  demand 
for  and  the  wages  of  labor  will  increase, 
and  all  increase  in  wealth  will  depend,  as  it 
ought  to  depend,  upon  increased  expendi- 
ture of  and  for  labor. 

If  all  money  be,  as  it  should  be,  stored- 
up  labor,  then  rich  capitalists  will  object 
less  to  have  wages  advance,  for  this  will 
advance  the  value  of  their  hordes  of  money 
and  securities,  and  their  investments  will 
be  made  more  secure. 

Farmers,  manufacturers,  merchants,  and 
other  borrowers  ought  to  understand  that 
their  safety  demands  that  the  supply  of 
money  be  absolutely  unlimited,  except  by 
the  costs  of  production  of  both  the  pre- 
cious metals,  and  that  the  loanable  funds 
in  this  country  would  be  vastly  increased 


National  Paper -Money  Trtist.  7 

and  the  rates  of  interest  reduced  by  hav- 
ing all  our  money,  coin  and  coin  certifi- 
cates, orold  and  silver,  at  values  reoj'ulated 
by  Congress,  as  provided  in  the  Constitu- 
tion, and  nearly  representing  the  relative 
costs  of  production.  Real  money  would 
then  fiow  in  from  our  mints  and  from 
abroad.  But  every  dollar  we  have  of 
paper  or  credit  money  destroys  many  dol- 
lars of  credit,  and  restricts  the  circulation 
of  real  money,  while  the  costs  of  main- 
taining paper  money  and  the  losses  inevi- 
table therefrom  are  many  times  greater 
than  the  costs  of  providing  and  maintain- 
ing an  ample  currency  on  a  strictly  bul- 
lion basis. 

Of  all  the  claims  made  by  gold  mono- 
metallists,  none  is  more  absurd  and  more 
easily  refuted  by  statistics  than  the  per- 
sistent misrepresentation  that  the  decline 
in  the  gold  price  of  silver  has  been  caused 
by  the  increase  in  silver  production.  The 
facts  are  just  the  other  way.  The  great 
increase  in  production  is  in  gold.  Our 
Mint  was  established  at  the  end  of  the 
last  century  by  Act  of  April  2,  i  792. 


8  Dangers  of  the  Proposed 

PRODUCTION  OF  GOLD  AND  SILVER  IN  THE 
WORLD. 

Percentage  of  Production. 

Period.                                   I>y  Weiglit.  ]5y  Value. 

Gold.     Silver.  Gold.  Silver. 

1801-1810 1.9         98.1  24.1  75  9 

1811-1820 2.1         97.9  25.3  74.7 

1821-1830 3.0        97.0  33-0  67.0 

1831-1840 3.3         96.7  35.2  64.8 

1896 5.6         94.4  64.6  354 

1896 At  coinage  value.      48.7  51.3 

During  the  period  1801  to  1840  the  rela- 
tive proportions  of  the  prodvictions  of  gold 
and  silver  in  the  world  varied  but  little 
from  one  decade  to  another,  while  the  dis- 
cussions and  legislation  in  France  and  in 
this  country  showed  that  the  Governments 
were  alive  to  the  importance  of  keeping 
the  mint  ratios  approximately  near  to  the 
market  ratios. 

During  the  period  1841  to  1870,  the 
variation  in  the  relative  productions  of 
the  precious  metals  was  much  greater, 
but  this  did  not  prevent  the  market  ratios 
from  nearly  coinciding  with  the  Govern- 
ment ratios. 

To  promote  honest  bimetallism  here 
and  abroad,  it  is  necessary  to  pass  a  law 


National  Paper-Money  Trust.  9 

that  after  a  date,  six  months  or  more  in 
the  future,  the  mints  shall  be  opened  to 
the  free  coinage  of  silver  at  its  then  mar- 
ket value.  Other  provisions,  which  I  have 
pointed  out  elsewhere,  would  aid,  and  would 
avoid  the  necessity  for  recoinage  whenever 
the  ratio  should  chano-e.  We  see  often  in 
the  public  press  that  bimetallism  is  dead. 
But  the  papers  that  keep  attending  the 
wake  seem  strangely  afraid  that  the  corpse 
may  come  to  life. 

Reasonable  and  honest  bimetallism  is 
very  much  alive.  In  the  last  National 
campaign  it  was  ill  equipped  and  had  a 
bad  fall,  being  twisted  out  of  its  natural 
form  by  the  16  to  i  craze  and  the  interna- 
tional-ao-reement  delusion.  But  it  will  be 
found  all  right  and  ready  for  work  in  time 
for  the  next  general  election. 

I  am  reminded  of  the  story  of  a  laborer 
who  awoke  late  one  morning,  and  in  his 
hurry  got  his  overalls  on  wrong  side  be- 
fore. It  would  take  too  loncj  to  cret  them 
off  over  his  boots,  so  he  buttoned  them 
up  behind  and  ran  to  his  work  on  the  new 
building.      When   he  had  climbed  nearly 


lo       Natio7ial  Paper -Money  Trust. 

to  the  top  of  the  ladder  he  sUpped,  and 
fell  to  the  ground  stunned.  The  by- 
standers cried,  "He  is  dead!"  but  the 
foreman  examined  him  and  said,  "  He  's 
all  right  ;  only  he  's  got  a  —  bad  twist." 
Anson  Phelps  Stokes. 

47  Cedar  Street,  New  York, 
Jan.  8,  iSgS. 

The  Bible  denounces  those  who  "  make  the  shekel  large," 
and  who  "  make  the  poor  to  fail." 

Blaine  said  :  "I  believe  gold  and  silver  coin  to  be  the  money 
of  the  Constitution.  No  power  was  conferred  on  Congress  to 
declare  either  metal  should  not  be  money.  Congress  has, 
therefore,  in  my  judgment,  no  jiower  to  demonetize  eitiier." 

Webster  said  :  "  I  am  certainly  of  opinion  that  gold  and  silver 
at  rates  fixed  by  Congress  constitute  the  legal  standard  of  values 
in  this  country,  and  that  neither  Congress  nor  any  State  has 
authority  to  establish  any  other  standard  or  to  displace  this 
standard." 

McKinley  said  :  "  I  want  the  double  standard.  I  would 
have  gold  and  silver  alike." 

Hill  said  :  "  The  bimetallic  coinage  is  the  demand  of  a  vast 
majority  of  the  American  people.  No  wonder  it  made  us  the 
party  of  the  silver  dollar  for  eight  years.  To  restore  it  safely, 
finally,  and  wisely  is  the  mission  of  the  Democratic  party." 

Hamilton  and  Jefferson  agreed  in  saying  that  tlie  money 
unit  must  rest  on  both  metals. 

The  Democratic  National  Convention  of  1892  declared : 
"  We  hold  to  the  use  of  both  gold  and  silver  as  the  standard 
money  of  this  country,  and  to  the  coinage  of  botli  witliout  dis- 
crimination against  either  metal."  The  Re]">uljlican  National 
Convention  of  1892  demanded  "  the  use  of  both  gold  and  silver 
as  standard  money." 

Carlisle  said:  "According  to  my  view  of  the  subject,  the 
conspiracy  which  seems  to  have  been  formed  here  and  in 
Europe  to  destroy  by  legislation  and  otherwise  from  three 
sevenths  to  one  half  of  the  metallic  money  of  the  world  is  the 
most  gigantic  crime  of  this  or  any  other  age."  See  Congres- 
sional Record,  Vol.  7,  Part  5,  Appendix,  page  41,  second  ses- 
sion XLVth  Congress. 


To  THE  Editor  of  the  Evening  Post : 

Sir, — I  note  with  interest  what  you  kindly  write  in  to-day's 
editorials  about  my  book,  yoint-Metallisni.  You  say,  "joint- 
metallism,  as  we  understand  the  matter,  consists  of  a  sciieme 
for  enabling  debtors  to  pay  half  gold  and  half  silver."  There 
is  one  point  to  which  I  would  like  to  call  attention,  if  it  does 
not  trespass  too  much  upon  your  hospitable  columns.  I  have 
all  along  steadily  maintained  that  joint-metallism  should  be 
made  to  apply  only  to  debts  contracted  after  six  months  from 
the  passage  of  the  act.  See  pages  5,  3S,  54,  in  the  fifth  edition 
of  yoint-Mt'/anisiii,  which  I  send  herewith. 

I  think  that  you  will  agree  with  me  that  this  restriction  is 
important  in  any  consideration  of  my  plan,  which,  as  you  say, 
"  clearly  offers  a  middle  way  out  of  the  existing  difficulties, 
and  may  do  something  to  abate  the  existing  acrimony."  That 
was  my  purpose  in  writing  the  book,  which  advocates  a  con- 
venient system  of  currency,  consisting  of  joint  certificates  (see 
page  2or),  based  upon  deposits  of  equal  values  of  gold  and 
silver  at  a  Government  ratio,  to  be  fixed  periodically  when- 
ever the  market  ratio  changed  as  much  as  one  integer,  e.  g., 
from  32  to  I  to  31  to  I,  or  from  20  to  i  to  21  to  i  ;  and  the 
coining  of  silver  coins  of  the  same  weiglit  as  standard  gold 
coins,  to  prevent  the  necessity  of  recoinage  upon  any  such 
change  of  ratio. 

But  T  have  shown  that  if  the  mints  of  the  United  States 
were  thus  opened  to  the  coinage  of  both  precious  metals  at 
their  market  values,  then,  whenever  the  economic  ratio  should 
be  arrived  at,  being  the  relative  costs  of  production  of  gold 
and  silver  in  the  poorest  mines  in  which  they  could  be  pro- 
duced at  a  profit,  the  Government  ratio  would  probably  not 
change  for  years,  perhaps  not  for  centuries. 

By  this  plan,  gold  and  silver  together,  at  ratios  always  based 
upon  their  relative  market  values,  may  be  made  the  metallic 
basis  of  a  sound,  honest,  self-regulating,  and  permanent  cur- 
rency, without  frequent  recoinings,  and  without  danger  of  one 
metal  driving  out  the  other. 

Anson  Phelps  Stokes. 

JVeiu  York,  December  ij,  iSgj. 


II 


.*>99?38 


EXTRACTS  FROM  "  JOINT-METALLISM." 

I  am  opposed  to  the  coinage  of  silver  at  i6  to  r.  I  am  op- 
posed to  it,  not  because  I  believe  in  gold  monometallism.  I 
am  equally  opposed  to  that.  1  believe  there  is  a  solution  of 
this  whole  dilrtculty  which  reasonable  men  in  time  may  come 
to;  and  that  is  the  free  coinage,  on  substantially  equal  terms, 
of  both  gold  and  silver,  in  quantities  of  equal  value,  at  the 
ratio  of  their  market  values. 

It  would  be  unfair  to  take  the  market  ratio  for  our  govern- 
ment ratio  now  while  one  of  the  precious  metals  is  demonetized. 
But  if  a  reasonable  future  date  were  fixed  when  both  metals 
should  be  admitted  to  free  coinage  at  the  then  market  ratio, 
no  wrong  would  be  done  to  any  just  interest. 

I  would  have  the  silver  in  new  silver  standard  coins  to  be 
equal  in  weight  to  the  gold  in  the  gold  standard  coins  ;  and  I 
would  open  the  mint  to  the  free  coinage  of  both  gold  and  silver 
when  presented  together  in  quantities  of  equal  value  of  each 
metal,  according  to  the  government  ratio  of  the  time,  wdiich 
should  be  based  always  on  the  market  ratio,  and  changed  only 
when  the  market  ratio  changed  as  much  as  one  integer,  e.g., 
from,  say,  25  to  i  to  24  to  i,  or  from  29  to  1  to  30  to  i.  The 
true  economic  ratio  would  thus  soon  be  arrived  at,  and  would 
very  seldom  change  ;  and  any  change  would  not  make  recoin- 
age  necessary. 

I  would  have  a  currency  so  based,  half  on  gold  and  half  on 
silver,  legal  tender  for  the  payments  of  debts  contracted  after  a 
date  some  months  later  than  the  passage  of  the  act. 

The  Constitutional  Convention  refused  to  give  Congress  the 
right  to  print  jiaper  money,  but  did  give  it  the  right  to  coin 
money,  and  the  power  to  ""  rt'gtilatt'"  the  ratio.  It  is  ultra 
vires  for  any  political  convention  to  attempt  to  fix  the  ratio. 

It  is  the  duty  of  Congress  to  regulate  the  ratio  from  time  to 
time  to  make  it  conform  nearly  to  the  market  ratio. 

The  States  agreed  to  leave  the  matter  of  rates  or  ratio  to  the 
arbitration  of  Congress  when  they  adopted  the  Constitution. 
Our  i^resent  trouble  comes  from  the  failure  of  Congress  to  alter 
the  ratio  on  one  of  those  very  rare  occasions  when  an  alteration 
was  necessary  to  make  the  ratio  approximately  accord  with  the 
market  ratio,  while  both  metals  had  free  access  to  our  mints. 

If  credit  money  is  good  money,  then  the  greenback  or  other 
fiat  money  is  the  best  money,  because  the  government's  credit 
is  the  best  credit.  What  we  want  is  more  real  money  and  less 
credit  money.  What  we  want  is  that  no  dollar  shall  be  issued 
that  does  not  have  a  specie  dollar  behind  it.  As  the  human 
character  is  constituted,  we  shall  never  have  any  safety  except 
on  that  basis. 


12 


"  JOINT-METALLISM," 
Uy   ANSON    PHELPS   STOKES. 

Extracts  from  Letters  and  Press  Notices. 


Hon.  David  A.  Wells,  LL.D.,  D.C.L.,  etc. — Vour  plan  is 
certainly  novel  and  ingenious. 

The  Right  Hon.  Lord  Playkair. — It  is  certainly  a  much 
more  honest  system  of  bimetallism  than  the  schemes 
already  propounded. 

Prof.  W.  Smart,  LL.D.,  Glasgow. — It  is  a  most  suggestive 
contribution  to  a  subject  which  is  nf)vv  creating  as  much 
interest  in  Great  Britain  as  it  does  in  its  parent  country. 

W.  T.  Harris,  United  States  Commissioner  of  Education. — 
In  my  humble  opinion  the  best  book  on  this  subject — a 
subject  of  vital  importance  to  the  prosperity  of  the  people 
of  this  country. 

Right  Rev.  H.  C.  Potter,  LL.D.,  etc. — Much  impressed  by 
your  argument. 

Hon.  Carroll  D.  Wright,  United  States  Commissioner  of 
Labor. — Your  theory  attracts  me  very  much.  It  seems  to 
me  that  there  is  within  it  the  solution  of  the  difficulty. 

"  It  is  clear,  precise,  and  backed  by  abundant  facts  regarding 
the  whole  question.  .  .  .  As  we  have  said,  it  is  both 
a  timely  and  a  valuable  book." — Chicago  Inter-Ocean. 

".  .  .  A  rather  striking  example  of  the  deep  interest  which 
thoughtful  men  and  men  of  large  affairs  are  now  taking  in 
oneof  the  foremost  questions  of  our  times." — A'.  V.  Times. 

"  Mr.  Stokes's  plan  .  .  .  has  real  merits,  and  contains 
the  element  of  a  just  appreciation  of  the  present  world 
difficulty. " — Springfield  Reptiblican. 

"  In  this  volume  much  information  of  great  value  may  be 
obtained." — Baltivtore  American. 

Mr.  Stokes's  plan  certainly  has  the  merit  of  originality,  and  it 
seems  to  overcome  the  chief  difficulties  heretofore  found  in 
securing  the  joint  use  of  the  two  metals." — Pittsburg 
Gazette. 


JOINT-METALLISM 

PLAN  BY  WHICH  GOLD  AND  SILVER  TOGETHER,  AT 
RATIOS  ALWAYS  BASED  ON  THEIR  RELATIVE  MARKET 
VALUES,  MAY  BE  MADE  THE  METALLIC  BASIS  OF 
A  SOUND,  HONEST,  SELF-REGULATING,  AND  PER- 
MANENT  CURRENCY,  WITHOUT  FREQUENT  RECOIN- 
INGS,  AND  WITHOUT  DANGER  OF  ONE  METAL 
DRIVING  OUT  THE  OTHER 


ANSON  PHELPS  STOKES 


FIFTH  FDITION 


COMPRISING 


Part  I.— JOINT-METALLISM— APPENDIX 

Part  II.— JOINT-METALLISM    VS.  BIMETALLISM  AND 

MONOMETALLISM 

Part  III.— HISTORY  OF  THE  SCIENCE  OF  MONEY 

AND   COINAGE 

Part  IV.— THE  APOTHEOSIS  OF  CREDIT— OBJECTIONS 

ANSWERED  AND  HONEST  LEGISLATION 

DEMANDED. 

Part  V.- FREE-COINAGE  DEBATE  ;  LETTERS  ;  AFTER  THE 

ELECTION,  WHAT? 


G.  P.  PUTNAM'S  SONS 

NEW   YORK  LONDON 

27   WEST  twenty-third   STREET  24    BEDFORD   STREET,  STRAND 

STIjc  ^Utichcrbochcr  J-Irtsij 
Octavo,  277  pages $r  oo 


UNIVERSITY  OF  CALIFORNIA 

AT 

LOS  ANGELES 


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562       Stokes   - 

^Q7d — Hangoro   of  the 
proposed  nat'l 
panqr-^imiey  trust, 


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UC  SOUTHERN  REGIONAL  LIBRARY  FA 


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